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Anglo American to sell its 50 pct stake in Lafarge Tarmac to Lafarge

Reuters - UK Focus

July 7 (Reuters) - Global miner Anglo American Plc (LSE: AAL.L - news) said it would sell its 50 percent stake in Lafarge Tarmac to Lafarge (Paris: FR0000120537 - news) for a minimum value of 885 million pounds ($1.51 billion) in cash, on a debt and cash free basis.

The sale will be subject to a number of conditions including the completion of the Lafarge-Holcim (Other OTC: HCMLF - news) merger, Anglo American said in a statement.

Anglo American and Lafarge would work towards finalising the terms of a definitive agreement in the third quarter of 2014, the company said. ($1 = 0.5877 British pounds) (Reporting by Aashika Jain in Bangalore; Editing by Sunil Nair)